banks financial institutions

Please refer to our circular letter DBOD. AML.No.11031/14.06.059/2009-10 dated December 21, 2009. We have since received from Government of India (Ministry of External Affairs) copy of note dated January 19, 2010 from the Chairman of UN Security Council's 1267 Committee regarding changes made in the Consolidated List of Individuals and entities linked to Al-Qaida and Taliban. Full Article

DBOD. AML.BC. No. 68 /14.01.001/2009-10- Some of the salient features of the amendment, relevant to banks and financial institutions are as under: • Clause (ca) inserted in sub-rule (1) of Rule 2 defines "non-profit organization" • Clause (BA) inserted in sub-rule (1) of Rule 3 requires banks/financial institutions to maintain proper record of all transactions involving receipts by non-profit organizations of value more than rupees ten lakh or its equivalent in forei.. Full Article

Please refer to our circular UBD (PCB) CO.BPD. Cir. No. 15 / 14.01.062 / 2009-10 dated October 22, 2009 on the above subject. We have since received from Government of India (Ministry of External Affairs) copies of notes dated September 3, 2009; September 23, 2009 and October 22, 2009 from the Chairman of UN Security Council's 1267 Committee regarding changes made in the Consolidated List of Individuals and entities linked to Al-Qaida and Taliban as specified below: Full Article

The Government has set up a Market Research and Analysis Unit in the Serious Fraud Investigation Office with the objective of improvements in the regulatory system in Corporate Sector. Giving this information in the Lok Sabha today Shri Salman Khurshid, Minister of Corporate Affairs said the unit will inter-alia perform following main functions: Full Article

Reserve Bank of India (RBI) has issued guidelines on ‘Fair Practice Code for Lenders’ which are required to be framed by Banks/Financial Institutions/ Non Banking Financial Companies (NBFCs) duly adopted by their respective Boards. These guidelines which are revised periodically, inter-alia, stipulate that loan application forms in respect of all categories of loans irrespective of the amount of loan sought by the borrower should be comprehensive. Full Article

Please refer to our circulars UBD.CO.BPD. (PCB) No. 32/09.39.000/2007-08 dated February 25, 2008 on Know Your Customer (KYC) Norms/ Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism and UBD.CO. BPD. (PCB) No. 1/12.05.001/2008-09 dated July 02, 2008 on Prevention of Money Laundering Act, 2002 –Obligation of banks in terms of Rules notified there under. Full Article

In recovering debts or enforcing security interests, the State’s right to sales tax dues, etc will have priority over claims of banks, financial institutions and secured creditors, the Supreme Court has ruled. A bench comprising Justices B N Agarwal, G S Singhvi and Aftab Alam, while upholding the Bombay and Kerala High Courts’ judgments, said [...] Full Article

The Institute has been receiving complaints from members of the Institute, proprietary concerns and firms of Chartered Accountants alleging that they have come across audit reports, balance sheets, certificates etc. of different entities submitted by the said entities/someone with Banks, Financial Institutions, Income-Tax Department, etc. wherein they find that their signatures, seal/stamp have been forged and /or such documents have been prepared on their forged letterh.. Full Article